UK unemployment rate falls as wage growth slows to two-year low

Wage growth in the UK slowed to a two-year low in the second quarter, with weekly earnings growth excluding bonuses falling from 5.8% to 5.4% year on year. This easing in wage pressures is seen as a positive development by the Bank of England. Meanwhile, the unemployment rate unexpectedly dropped to 4.2% from 4.4% in the three months to June.